Here is the cold, hard truth about prospecting: it’s not easy; it’s not fun; and you are never going to like it! I’ve noticed a dangerous trend in...
Invest in Your Business or Get a Job
My challenge to you today is to invest in your business or get a job! Some entrepreneur content online has been totally misunderstood, causing the wrong mindset for many business owners. Seeing the lifestyle of people such as Gary Vaynerchuk or Ty Lopez can be confusing. Keep in mind these entrepreneurs have a lucrative […]
My challenge to you today is to invest in your business or get a job! Some entrepreneur content online has been totally misunderstood, causing the wrong mindset for many business owners. Seeing the lifestyle of people such as Gary Vaynerchuk or Ty Lopez can be confusing. Keep in mind these entrepreneurs have a lucrative lifestyle because they are now making millions and millions of dollars. This episode clears up some misconceptions, so your business can flourish.
You need to understand how entrepreneurs really spend money. They spend it on their business! Seeing the scoreboard in my own business, I could probably make an extra $20,000 a month by laying off several people and eliminating some things. There would be more and harder work for me, but I could do it. Then I could buy myself a fancy car with a $10,000 a month car payment. However, unless my vehicle is actually falling apart, I could care less what I drive. My wife drives a nicer car since I want her to be safe and comfortable. But if I did layoff and eliminate, my business wouldn’t grow! That $20,000 a month is a productive investment into my company.
This example represents a basic truth: you can either HAVE money or LOOK LIKE you have money. Attaining both of those at the same time is very difficult. The entrepreneurs who’ve had money for a long time enjoy the option of having money AND looking like they have it. Most people we see driving in their cool BMW’s or Mercedes use all their money for that. I hasten to point out that an employee making six figures has every right to get that expensive car, the big house, and give to favorite charities. Employees already have structure, they don’t have a business in which to invest. Stop milking your business, taking 90% of the money out! When you get money, the first thought you should have is, “What investment should I make which will have a positive return and grow my business?”
Here’s another personal example to illustrate the point. About six months ago I hired a lead developer. He’s making good money and is going to make a lot more. So far, do you know how much money I’ve made off that relationship? Zero! That’s because he is redoing the instant quote tool and building another gateway billing system for a vertical to which we’ve just started selling. I could’ve had an extra $40,000 in my pocket instead of hiring my developer. I could’ve paid cash for some fancy car. But I believe in my business and want to grow it. You’ve got to invest in your business!
And, by-the-way, don’t give me a hard time when I pull up in my Mercedes in six months! I’ve been doing this for a long time. Early on when we were starting this business, my wife and I agreed that we would invest in the company before paying even our rent. If something was needed for the business, that came first. I’d call the electric company and work out a payment plan. That gives an idea of the level of importance I place on investing in my company. I understand some of you wouldn’t have the emotional fortitude to do that. You probably have a higher moral standard than I did in those areas. That’s great for you. But the key takeaway is that if you aren’t going to invest in your business, then you should get a job! You must invest in the structure which needs to be built around you for success.
I hope this clears some misconceptions for you, so your business can flourish! Get the right mindset.
Read the previous post here: http://www.ccsalespro.com/what-to-do-when-your-processor-fires-you/ What To Do When Your Processor Fires You
Read the next post here: The Key to Selling Savings to a Merchant http://www.ccsalespro.com/two-things-wish-knew-ten-years-ago-business/